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Pastimes : My House

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To: Original Mad Dog who wrote (2327)	10/7/2002 7:27:26 PM
From: TimF	of 7689

3. The earned income credit does not typically apply to a 40K person. It does apply at lower income levels... Agreed that is why I said "People who make even less and have kids get the earned income tax credit. " I am not a proponent of taxing people who make 20K a year. It's like the state putting their foot on somebody trying to climb out of a ravine and saying, "come on, climb harder!" The only reason I could think of supporting it is the idea that the voters who are at that level get some idea of pain from higher taxes for spending from people they vote in office. IF one pays nothing to the common burden of government its too easy to just soak everyone else, but since they already pay FICA and sales taxes they allready pay. Actually people who make $20k do have to pay federal taxes if they are single and don't have any deductions. Some people with 40K in income do have mortgage interest deductions, but many do not. Even if they have houses, oftentimes unless they have a lot saved up (unlikely due to their income, but not impossible) they would only qualify for a mortgage of around 100K or so. I have about a 128k mortgage and I make about $50k. My downpayment was $3k. Tim

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